Sono Motors: Further Financing of 45 Million Euros

Sono Motors has secured the next funding round and raised an additional 45 million euros to take the next step towards series production of the Sion. They are very proud of the positive feedback that Sono Motors has received from investors. The completion of the Series C funding round is a testament to the investors' confidence in the strength of the Sion and its contribution to a more sustainable world. Torsten Kiedel, Chief Financial Officer of Sono Motors, describes the next round and adds:

"We are confident that our proprietary technologies will give the Sion a decisive competitive edge in the global EV markets. We are particularly relying on the solar cells integrated into the vehicle and mobility services."

The fresh capital was also confirmed by founder Laurin Hahn to the startup portal "Gründerszene." In addition to the existing investors WI Ventures, eVentures TNS, the Böllinger Group, the ELFH Holding Limited Partnership, Seedrs Nominees Limited, and other family offices, the Felunic Asset Management KG also contributed.

Since the Sion is to be manufactured in the former Saab factory in Trollhättan, Swedish investors have naturally also shown interest in series production: Swedbank Robur supported the company as the main investor through the Swedbank Robur Småbolag Europa Fund, which is managed by Ms. Ulrika Enhorning. With assets under management of more than 1 billion euros, the fund has already made notable investments in successful startups such as HelloFresh. Ulrika Enhorning explains:

"We are very pleased to announce that Swedbank Robur has decided to invest in Sono Motors, the Germany-based developer of solar electric vehicles. We are particularly proud to take on the role of main investor and be part of the company's journey as it seeks to transform the rapidly growing EV market with its revolutionary solar technology."

She adds that the investment fits very well into the Swedbank Robur Småbolagsfond Europa fund, which also aims to "actively shape the transition to a more sustainable future."

In addition to Swedbank, DNCA also participated in the funding round: Rajesh Varma, fund manager of DNCA Invest Beyond Global Leaders, explains:

“We believe that Sono is well-positioned to take advantage of the promising market opportunities and are pleased to lead this funding round.”

The financing aligns with the increased activities of Sono Motors: the Munich company plans to collaborate with Team Rosberg Engineering (TRE) on chassis development. The new prototype generation of the Sion was presented virtually at CES in Las Vegas in January 2021.

What does this mean?

Sono Motors remains on track: a new funding round is likely to finance the near-series prototypes, which are then to be showcased at CES – thereby extending its reach to the American continent. However, the success of the Sion will also depend on the "surrounding" services (sharing, renting, etc.) and the ability to apply the technology to other vehicle categories. After all, with 12,600 pre-orders alone, an automobile factory cannot be operated economically.